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Home » Price Analysis » Cardano Price Analysis: ADA Nears a Critical Support, Huge Move Incoming?

Cardano Price Analysis: ADA Nears a Critical Support, Huge Move Incoming?

Author: Duo Nine

Last Updated Jun 29, 2022 @ 13:00
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ADA’s price has been getting closer and closer to the key support at $0.45. It looks like it will be decision time for the bulls sooner rather than later.

Key Support levels: $0.45, $0.38 

Key Resistance levels: $0.55, $0.66

The last three daily candles closed in red, and now ADA’s price is dangerously close to the key support at $0.45. If this momentum does not change, then a test of this critical resistance is likely to take place. Buyers will have to defend it again.

The key resistance sits at $0.55, but it doesn’t seem likely for ADA to go near it soon.

ADAUSDT_2022-06-29_13-50-21
Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to decrease, which may favor the bulls since the selling pressure does not seem strong at this time.

RSI: The daily RSI has failed to stay above 50 points and now is hovering in the low 40s. This is not encouraging for bulls.

MACD: The daily MACD remains bullish, but the momentum is simply not there based on the histogram.

ADAUSDT_2022-06-29_13-50-47
Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

This price action suggests that market participants are preparing for their next move and a low volatility period is a precursor to that.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Cardano (ADA) Price
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About The Author

Duo Nine
More posts by this author

Duo Nine is a crypto educator and a seasoned technical analyst with over seven years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left this space.

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